Teaching Your Kids About Money

Are your kids spoiled? -Kids-With-Their-Expert-Piggy-Bank

Although money management is not an exciting topic for kids, it is something they need to learn about – and the sooner the better. After all, this is something that will help your child throughout his or her life. But teaching financial responsibility can be a bit tricky.

If you’ve been wondering how to start teaching your kids about money you will appreciate these tips…

  1. Make a point of letting your kids know when they are spending money in a careless way – however, lectures are usually not helpful – instead, it may be more helpful to discuss ways to make money ‘go farther’. For example, you might point out ‘better deals’ or products that will provide more benefits to your child.   
  2. Educate your kids about the value of giving/donating to others and worthy causes – be a role model – talk to your child about your involvement with charities, volunteer work, etc.
  3. Saving money is important – a classic piggy bank can be a wonderful way to teach children about the advantages of saving. Kids frequently want whatever is popular and unfortunately, many of those items can be costly. Rather than simply saying the desired item is too expensive it could be more helpful to discuss ways to save for them.  
  4. Find ways to help your child ‘earn’ money. Some options include giving an allowance, requiring your child to do specific chores for payment, or encouraging them to sell unwanted toys and other items at a yard sale.

    While these suggestions are simple and basic – they are effective. Give them a try!

Debbie Allen is a regular contributor at Package From Santa blogs. She enjoys sharing tips and ideas about everything from home life tips to business management.